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A Comparative Study on Consumption Functions: The Case of the European Union*

Year 2020, Volume: 20 Issue: 3, 167 - 178, 30.07.2020
https://doi.org/10.21121/eab.793411

Abstract

The consumption function describes the relationship between consumption expenditures and income. As is well known, the distribution of macroeconomic data such as income and consumption is unequal. Accordingly, estimators derived from linear models may be inefficient. This study attempted to reach efficient estimators, using gamma distribution, within the limits of this study. The main purpose of this study is to estimate parameters of mainstream consumption functions using the panel-data of EU members and negotiating countries. Using data from the World Bank, the European Union Macroeconomic Database (AMECO), and the Bank of International Settlement (BIS), consumption functions were estimated by the Generalized Linear Model (GLM) approach. The reliability of the estimators was tested with the Generalized Moments Method (GMM). Furthermore, the study uses GLM, based on machine learning, to obtain robust estimators for overfitting. Findings of all three methods are compatible with each other and the “Permanent Income” hypothesis verified.

References

  • Alegre, J., & Pou, L. (2008). Further evidence of excess sensitivity of consumption? Nonseparability among goods and heterogeneity across households. Applied Economics, 40(7), 931–948. https://doi. org/10.1080/00036840600749896
  • Alimi, R. S. (2013). Keynes’ absolute income hypothesis and Kuznets paradox. Munich Personal RePEc Archive, (49310), 1–15. Retrieved from https://mpra. ub.uni-muenchen.de/49310/
  • Alimi, S.R. (2015), Estimating Consumption Function under Permanent Income Hypothesis: A Comparison between Nigeria and South Africa. International Journal of Academic Research in Business and Social Sciences, 5(11), 285-298.
  • Altunç, Ö. F., & Aydın, C. (2014). An Estimation of the Consumption Function Under the Permanent Income Hypothesis: The Case of D-8 Countries. Journal of Economic Cooperation and Development, 35(3), 29–41.
  • Anderson, T. W., & Hsiao, C. (1981). Estimation of dynamic models with error components. Journal of the American statistical Association, 76(375), 598-606.
  • Arellano, M., & Bond, S. (1991). Some Tests of Specification for Panel Carlo Application to Data: Review of Economic Studies, 58, 277–297.
  • Arellano, M., & Bover, O. (1995). Another look at the instrumental variable estimation of error-components models. Journal of Econometrics, 68(1), 29–51.
  • Balestra, P., & Nerlove, M. (2006). Pooling Cross Section and Time Series Data in the Estimation of a Dynamic Model: The Demand for Natural Gas. Econometrica. https://doi.org/10.2307/1909771
  • Baltagi, B. (2008). Econometric analysis of panel data. John Wiley & Sons.
  • Baltagi, Badi H., & Levin, D. (1986). Estimating Dynamic Demand for Cigarettes Using Panel Data: The Effects of Bootlegging, Taxation and Advertising Reconsidered. The Review of Economics and Statistics. https:// doi.org/10.2307/1924938
  • Bilgili, F. (2006). Random walk, excess smoothness or excess sensitivity? Evidence from literature and an application for Turkish economy. In: International Conference on Economics. Consumption in Turkey, Ankara, Turkey, September 12, 2006.
  • Bilgili, F., & Bağlıtaş, H. H. (2016). Testing the permanent income and random walk hypotheses for Turkey. International Journal of Economics and Financial Issues, 6(4), 1371–1378.
  • Blundell, R., & Bond, S. (1998). Initial conditions and moment restrictions in dynamic panel data models. Journal of Econometrics, 87(1), 115–143. https://doi. org/10.1016/S0304-4076(98)00009-8
  • Blundell, R., Bond, S., Devereux, M., & Schiantarelli, F. (1992). Investment and Tobin’s Q: Evidence from company panel data. Journal of econometrics, 51(1- 2), 233-257.
  • Bandourian, R., McDonald, J., & Turley, R. S. (2002). A comparison of parametric models of income distribution across countries and over time.
  • Bunting, D. (1989). The consumption function “paradox”. Journal of Post Keynesian Economics, 11(3), 347-359.
  • Cameron, C. A., & Trivedi, P. A. (2005). Microeconometrics Methods and Applications. New York: Cambridge University Press.
  • Campbell, J. Y., & Mankiw, G. N. (1990). Permanent Income, Current Income, and Consumption. Journal of Business & Economic Statistics, 8(3), 265–280.
  • Campbell, J. Y., & Mankiw, N. G. (1991). The response of consumption to income: a cross-country investigation. European economic review, 35(4), 723-756.
  • Carroll, D. C., Slacalek, J., & Tokuoka, K. (2014). The Distribution of Wealth and the MPC : Implications of New European Data. The American Economic Review, 104(5), 107–111.
  • Carruth, A., Gibson, H., & Tsakalotos, E. (2010). Are aggregate consumption relationships similar across the European Union? Regional Studies, 33(1), 17–26. https://doi.org/10.1080/00343409950118887
  • Coskun, Y., Sencer Atasoy, B., Morri, G., & Alp, E. (2018). Wealth effects on household final consumption: Stock and housing market channels. International Journal of Financial Studies, 6(2), 57.
  • Davis, J. A. (1959). A formal interpretation of the theory of relative deprivation. Sociometry, 22(4), 280-296.
  • Deaton, A. (1987). Estimation of own-and cross-price elasticities from household survey data. Journal of Econometrics, 36(1-2), 7-30.
  • Deaton, A. (2005). Franco Modigliani and the Life Cycle Theory of Consumption. Research Program in Development Studies and Center for Health and Wellbeing. Princeton University.
  • DeJuan, J. P., Seater, J. J., & Wirjanto, T. S. (2006). Testing the permanent-income hypothesis: New evidence from West-German states (Länder). Empirical Economics, 31(3), 613–629.
  • Dornbusch, R., Fischer, S., & Bossons, J. D. (Eds.). (1987). Macroeconomics and finance: essays in honor of Franco Modigliani. Mit Press.
  • Emilio Fernandez-Corugedo. (2004). Consumption Theory. In Handbooks in Central Banking.
  • Flavin, M. A. (1981). The Adjustment of Consumption to Changing Expectations About Future Income. Journal of Political Economy, 89(5), 974–1009. https://doi. org/10.1086/261016.
  • Ferber, R. (1966). Research on household behaviour. In Surveys of Economic Theory (pp. 114-154). Palgrave Macmillan, London.
  • Gujarati, D. N. (2004). Basic Econometrics. Fourth Edition. McGraw-Hill, New York. USA. In Science. https:// doi.org/10.1126/science.1186874
  • Hall, R. E., & Mishkin, F. S. (1982). The Sensitivity of Consumption to Transitory Income: Estimates from Panel Data on Households. Econometrica, 50(2), 461. https://doi.org/10.2307/1912638
  • Hayashi, F. (1982). The Permanent Income Hypothesis : Estimation and Testing by Instrumental Variables. Journal of Political Economy, 90(5), 895–916.
  • Holtz-Eakin, D., Newey, W., & Rosen, H. S. (1988). Estimating vector autoregressions with panel data. Econometrica: Journal of the Econometric Society, 1371-1395.
  • Hurd, M. D., & Rohwedder, S. (2005). Changes in consumption and activities in retirement. Michigan Retirement Research Center Research Paper No. WP, 96.
  • Ianole, R., & Druıcă, E. (2015). Testing the Keynesian consumption hypothesis on European panel data. Revista Romana de Economie, 40(1).
  • Islam, N. (1995). Growth empirics: a panel data approach. The quarterly journal of economics, 110(4), 1127-1170.
  • Jawadi, F., & Sousa, R. M. (2015). The Relationship between Consumption and Wealth: A Quantile Regression Approach. Revue d’économie Politique, 124(4), 639. https://doi.org/10.3917/redp.244.0639.
  • Kankaanranta, P. (2006). Consumption Over the Life Cycle: Theory and Empirical Regularities (No. 118). Kaldor, N. (1955). Alternative Theories of Distribution. The Review of Economic Studies, 23(2), 83. https:// doi.org/10.2307/2296292
  • Keynes, J. M. (1936a). The general theory of employment, interest, and money. In The General Theory of Employment, Interest, and Money. https://doi. org/10.1007/978-3-319-70344-2
  • Kloek, T., & van Dijk, H. K. (1978). Efficient estimation of income distribution parameters. Journal of Econometrics, 8(1), 61–74. https://doi.org/10.1016/0304- 4076(78)90090-8
  • Koutsoyiannis, A. (1979). Modern microeconomics. (Second). New York: Macmillan.
  • Kuznets, S. (1946). National product since 1869. National Bureau of Economic Research, New York.
  • Manitsaris, A., 2006 “Estimating the European Union Consumption Function under the Permanent Income Hypothesis.”International Research Journal of Finance and Economics, 2(3):1450-288
  • Mátyás, L., Gourieroux, C., & Phillips, P. C. (Eds.). (1999). Generalized method of moments estimation (Vol. 5). Cambridge University Press.
  • McDonald, J. B. (1984). Some Generalized Functions for the Size Distribution of Income. The Econometric Society Stable, 52(3), 647–663.
  • McDonald, J. B., & Jensen, B. C. (1979). An analysis of some properties of alternative measures of income inequality based on the gamma distribution function. Journal of the American Statistical Association, 74(368), 856-860.
  • Minka, T. P. (2002). Estimating a Gamma Distribution. Microsoft Research, 1(3), 3–5.
  • Modigliani, F., & Ando, A. (1963). The “ Life Cycle “ Hypothesis of Saving : Aggregate Implications and Tests. The American Economic Review, 53(1), 55–84.
  • Modigliani, F., & Brumberg, R. (1954). Utility analysis and the consumption function: An interpretation of cross-section data. Franco Modigliani, 1(1), 388-436.
  • Nelder, J. A., & Wedderburn, R. W. (1972). Generalized linear models. Journal of the Royal Statistical Society: Series A (General), 135(3), 370-384.
  • Nykodym, T., Kraljevic, T., Wang, A., & Wong, W. (2019). Generalized Linear Modeling with H2O (Sixth Edit; A. Bartz, ed.). Retrieved from http://docs.h2o.ai/h2o/ latest-stable/h2o-docs/booklets/GLMBooklet.pdf.
  • Okcu, A. B. (2008). Türkiye İçin Gelir-Tüketim İlişkisinin Eşbütünleşme Analizi İle İncelenmesi. Çukurova Üniversitesi.
  • Poterba, J. M. (1988). Are consumers forward looking? Evidence from fiscal experiments. The American Economic Review, 78(2), 413-418.
  • Pressman, S. (1997). Consumption, income distribution and taxation: Keynes’ fiscal policy. Journal of Income Distribution, 7(1), 29–44. https://doi.org/10.1016/ s0926-6437(97)80003-0
  • Rao, B. B. (2005). Testing Hall’s permanent income hypothesis for a developing country: the case of Fiji. Applied Economics Letters, 12(4), 245-248.
  • Salem, A. B., & Mount, T. D. (1974). A convenient descriptive model of income distribution: the gamma density. Econometrica: journal of the Econometric Society, 1115-1127.
  • Sargan, J. D. (1958). The estimation of economic relationships using instrumental variables. Econometrica: Journal of the Econometric Society, 393-415.
  • Sivri, U., & Eryüzlü, H. (2010). Rasyonel Beklentiler-Yaşam Boyu Sürekli Gelir Hipotezinin Testi. Ekonometri ve İstatistik E-Dergisi, 1(11), 90–99.
  • Slacalek, J. (2004). International Evidence on Cointegration between Consumption, Income, and Wealth. Unpublished manuscript. Available at http:// www. slacalek. com/research. html.
  • Slacalek, J. (2009). What drives personal consumption? the role of housing and financial wealth. B.E. Journal of Macroeconomics, 9(1). https://doi. org/10.2202/1935-1690.1555.
  • Smith, S. (2004). Can the retirement consumption puzzle be resolved? Evidence from UK panel data (No. 04/07). IFS Working Papers.
  • Souleles, N. S. (2002). Consumer response to the Reagan tax cuts. Journal of Public Economics, 85(1), 99–120. https://doi.org/10.1016/S0047-2727(01)00113-X Thom, H. C. S. (1958). A note on the gamma distribution. Monthly Weather Review, 86(3), 117–122. https:// doi.org/10.1175/1520-0493(1958)086<0117:a notgd>2.0.co;2
  • Wilks, D. S. (1968). Statistical methods in the atmospheric sciences: an introduction. In International Geophysics Series.
  • Ziliak, J. P. (1997). Efficient estimation with panel data when instruments are predetermined: an empirical comparison of moment-condition estimators. Journal of Business & Economic Statistics, 15(4), 419-431.
Year 2020, Volume: 20 Issue: 3, 167 - 178, 30.07.2020
https://doi.org/10.21121/eab.793411

Abstract

References

  • Alegre, J., & Pou, L. (2008). Further evidence of excess sensitivity of consumption? Nonseparability among goods and heterogeneity across households. Applied Economics, 40(7), 931–948. https://doi. org/10.1080/00036840600749896
  • Alimi, R. S. (2013). Keynes’ absolute income hypothesis and Kuznets paradox. Munich Personal RePEc Archive, (49310), 1–15. Retrieved from https://mpra. ub.uni-muenchen.de/49310/
  • Alimi, S.R. (2015), Estimating Consumption Function under Permanent Income Hypothesis: A Comparison between Nigeria and South Africa. International Journal of Academic Research in Business and Social Sciences, 5(11), 285-298.
  • Altunç, Ö. F., & Aydın, C. (2014). An Estimation of the Consumption Function Under the Permanent Income Hypothesis: The Case of D-8 Countries. Journal of Economic Cooperation and Development, 35(3), 29–41.
  • Anderson, T. W., & Hsiao, C. (1981). Estimation of dynamic models with error components. Journal of the American statistical Association, 76(375), 598-606.
  • Arellano, M., & Bond, S. (1991). Some Tests of Specification for Panel Carlo Application to Data: Review of Economic Studies, 58, 277–297.
  • Arellano, M., & Bover, O. (1995). Another look at the instrumental variable estimation of error-components models. Journal of Econometrics, 68(1), 29–51.
  • Balestra, P., & Nerlove, M. (2006). Pooling Cross Section and Time Series Data in the Estimation of a Dynamic Model: The Demand for Natural Gas. Econometrica. https://doi.org/10.2307/1909771
  • Baltagi, B. (2008). Econometric analysis of panel data. John Wiley & Sons.
  • Baltagi, Badi H., & Levin, D. (1986). Estimating Dynamic Demand for Cigarettes Using Panel Data: The Effects of Bootlegging, Taxation and Advertising Reconsidered. The Review of Economics and Statistics. https:// doi.org/10.2307/1924938
  • Bilgili, F. (2006). Random walk, excess smoothness or excess sensitivity? Evidence from literature and an application for Turkish economy. In: International Conference on Economics. Consumption in Turkey, Ankara, Turkey, September 12, 2006.
  • Bilgili, F., & Bağlıtaş, H. H. (2016). Testing the permanent income and random walk hypotheses for Turkey. International Journal of Economics and Financial Issues, 6(4), 1371–1378.
  • Blundell, R., & Bond, S. (1998). Initial conditions and moment restrictions in dynamic panel data models. Journal of Econometrics, 87(1), 115–143. https://doi. org/10.1016/S0304-4076(98)00009-8
  • Blundell, R., Bond, S., Devereux, M., & Schiantarelli, F. (1992). Investment and Tobin’s Q: Evidence from company panel data. Journal of econometrics, 51(1- 2), 233-257.
  • Bandourian, R., McDonald, J., & Turley, R. S. (2002). A comparison of parametric models of income distribution across countries and over time.
  • Bunting, D. (1989). The consumption function “paradox”. Journal of Post Keynesian Economics, 11(3), 347-359.
  • Cameron, C. A., & Trivedi, P. A. (2005). Microeconometrics Methods and Applications. New York: Cambridge University Press.
  • Campbell, J. Y., & Mankiw, G. N. (1990). Permanent Income, Current Income, and Consumption. Journal of Business & Economic Statistics, 8(3), 265–280.
  • Campbell, J. Y., & Mankiw, N. G. (1991). The response of consumption to income: a cross-country investigation. European economic review, 35(4), 723-756.
  • Carroll, D. C., Slacalek, J., & Tokuoka, K. (2014). The Distribution of Wealth and the MPC : Implications of New European Data. The American Economic Review, 104(5), 107–111.
  • Carruth, A., Gibson, H., & Tsakalotos, E. (2010). Are aggregate consumption relationships similar across the European Union? Regional Studies, 33(1), 17–26. https://doi.org/10.1080/00343409950118887
  • Coskun, Y., Sencer Atasoy, B., Morri, G., & Alp, E. (2018). Wealth effects on household final consumption: Stock and housing market channels. International Journal of Financial Studies, 6(2), 57.
  • Davis, J. A. (1959). A formal interpretation of the theory of relative deprivation. Sociometry, 22(4), 280-296.
  • Deaton, A. (1987). Estimation of own-and cross-price elasticities from household survey data. Journal of Econometrics, 36(1-2), 7-30.
  • Deaton, A. (2005). Franco Modigliani and the Life Cycle Theory of Consumption. Research Program in Development Studies and Center for Health and Wellbeing. Princeton University.
  • DeJuan, J. P., Seater, J. J., & Wirjanto, T. S. (2006). Testing the permanent-income hypothesis: New evidence from West-German states (Länder). Empirical Economics, 31(3), 613–629.
  • Dornbusch, R., Fischer, S., & Bossons, J. D. (Eds.). (1987). Macroeconomics and finance: essays in honor of Franco Modigliani. Mit Press.
  • Emilio Fernandez-Corugedo. (2004). Consumption Theory. In Handbooks in Central Banking.
  • Flavin, M. A. (1981). The Adjustment of Consumption to Changing Expectations About Future Income. Journal of Political Economy, 89(5), 974–1009. https://doi. org/10.1086/261016.
  • Ferber, R. (1966). Research on household behaviour. In Surveys of Economic Theory (pp. 114-154). Palgrave Macmillan, London.
  • Gujarati, D. N. (2004). Basic Econometrics. Fourth Edition. McGraw-Hill, New York. USA. In Science. https:// doi.org/10.1126/science.1186874
  • Hall, R. E., & Mishkin, F. S. (1982). The Sensitivity of Consumption to Transitory Income: Estimates from Panel Data on Households. Econometrica, 50(2), 461. https://doi.org/10.2307/1912638
  • Hayashi, F. (1982). The Permanent Income Hypothesis : Estimation and Testing by Instrumental Variables. Journal of Political Economy, 90(5), 895–916.
  • Holtz-Eakin, D., Newey, W., & Rosen, H. S. (1988). Estimating vector autoregressions with panel data. Econometrica: Journal of the Econometric Society, 1371-1395.
  • Hurd, M. D., & Rohwedder, S. (2005). Changes in consumption and activities in retirement. Michigan Retirement Research Center Research Paper No. WP, 96.
  • Ianole, R., & Druıcă, E. (2015). Testing the Keynesian consumption hypothesis on European panel data. Revista Romana de Economie, 40(1).
  • Islam, N. (1995). Growth empirics: a panel data approach. The quarterly journal of economics, 110(4), 1127-1170.
  • Jawadi, F., & Sousa, R. M. (2015). The Relationship between Consumption and Wealth: A Quantile Regression Approach. Revue d’économie Politique, 124(4), 639. https://doi.org/10.3917/redp.244.0639.
  • Kankaanranta, P. (2006). Consumption Over the Life Cycle: Theory and Empirical Regularities (No. 118). Kaldor, N. (1955). Alternative Theories of Distribution. The Review of Economic Studies, 23(2), 83. https:// doi.org/10.2307/2296292
  • Keynes, J. M. (1936a). The general theory of employment, interest, and money. In The General Theory of Employment, Interest, and Money. https://doi. org/10.1007/978-3-319-70344-2
  • Kloek, T., & van Dijk, H. K. (1978). Efficient estimation of income distribution parameters. Journal of Econometrics, 8(1), 61–74. https://doi.org/10.1016/0304- 4076(78)90090-8
  • Koutsoyiannis, A. (1979). Modern microeconomics. (Second). New York: Macmillan.
  • Kuznets, S. (1946). National product since 1869. National Bureau of Economic Research, New York.
  • Manitsaris, A., 2006 “Estimating the European Union Consumption Function under the Permanent Income Hypothesis.”International Research Journal of Finance and Economics, 2(3):1450-288
  • Mátyás, L., Gourieroux, C., & Phillips, P. C. (Eds.). (1999). Generalized method of moments estimation (Vol. 5). Cambridge University Press.
  • McDonald, J. B. (1984). Some Generalized Functions for the Size Distribution of Income. The Econometric Society Stable, 52(3), 647–663.
  • McDonald, J. B., & Jensen, B. C. (1979). An analysis of some properties of alternative measures of income inequality based on the gamma distribution function. Journal of the American Statistical Association, 74(368), 856-860.
  • Minka, T. P. (2002). Estimating a Gamma Distribution. Microsoft Research, 1(3), 3–5.
  • Modigliani, F., & Ando, A. (1963). The “ Life Cycle “ Hypothesis of Saving : Aggregate Implications and Tests. The American Economic Review, 53(1), 55–84.
  • Modigliani, F., & Brumberg, R. (1954). Utility analysis and the consumption function: An interpretation of cross-section data. Franco Modigliani, 1(1), 388-436.
  • Nelder, J. A., & Wedderburn, R. W. (1972). Generalized linear models. Journal of the Royal Statistical Society: Series A (General), 135(3), 370-384.
  • Nykodym, T., Kraljevic, T., Wang, A., & Wong, W. (2019). Generalized Linear Modeling with H2O (Sixth Edit; A. Bartz, ed.). Retrieved from http://docs.h2o.ai/h2o/ latest-stable/h2o-docs/booklets/GLMBooklet.pdf.
  • Okcu, A. B. (2008). Türkiye İçin Gelir-Tüketim İlişkisinin Eşbütünleşme Analizi İle İncelenmesi. Çukurova Üniversitesi.
  • Poterba, J. M. (1988). Are consumers forward looking? Evidence from fiscal experiments. The American Economic Review, 78(2), 413-418.
  • Pressman, S. (1997). Consumption, income distribution and taxation: Keynes’ fiscal policy. Journal of Income Distribution, 7(1), 29–44. https://doi.org/10.1016/ s0926-6437(97)80003-0
  • Rao, B. B. (2005). Testing Hall’s permanent income hypothesis for a developing country: the case of Fiji. Applied Economics Letters, 12(4), 245-248.
  • Salem, A. B., & Mount, T. D. (1974). A convenient descriptive model of income distribution: the gamma density. Econometrica: journal of the Econometric Society, 1115-1127.
  • Sargan, J. D. (1958). The estimation of economic relationships using instrumental variables. Econometrica: Journal of the Econometric Society, 393-415.
  • Sivri, U., & Eryüzlü, H. (2010). Rasyonel Beklentiler-Yaşam Boyu Sürekli Gelir Hipotezinin Testi. Ekonometri ve İstatistik E-Dergisi, 1(11), 90–99.
  • Slacalek, J. (2004). International Evidence on Cointegration between Consumption, Income, and Wealth. Unpublished manuscript. Available at http:// www. slacalek. com/research. html.
  • Slacalek, J. (2009). What drives personal consumption? the role of housing and financial wealth. B.E. Journal of Macroeconomics, 9(1). https://doi. org/10.2202/1935-1690.1555.
  • Smith, S. (2004). Can the retirement consumption puzzle be resolved? Evidence from UK panel data (No. 04/07). IFS Working Papers.
  • Souleles, N. S. (2002). Consumer response to the Reagan tax cuts. Journal of Public Economics, 85(1), 99–120. https://doi.org/10.1016/S0047-2727(01)00113-X Thom, H. C. S. (1958). A note on the gamma distribution. Monthly Weather Review, 86(3), 117–122. https:// doi.org/10.1175/1520-0493(1958)086<0117:a notgd>2.0.co;2
  • Wilks, D. S. (1968). Statistical methods in the atmospheric sciences: an introduction. In International Geophysics Series.
  • Ziliak, J. P. (1997). Efficient estimation with panel data when instruments are predetermined: an empirical comparison of moment-condition estimators. Journal of Business & Economic Statistics, 15(4), 419-431.
There are 65 citations in total.

Details

Primary Language English
Subjects Economics
Journal Section Research Article
Authors

Mustafa Bilik This is me

Recep Kök This is me

Publication Date July 30, 2020
Acceptance Date June 17, 2020
Published in Issue Year 2020 Volume: 20 Issue: 3

Cite

APA Bilik, M., & Kök, R. (2020). A Comparative Study on Consumption Functions: The Case of the European Union*. Ege Academic Review, 20(3), 167-178. https://doi.org/10.21121/eab.793411
AMA Bilik M, Kök R. A Comparative Study on Consumption Functions: The Case of the European Union*. ear. July 2020;20(3):167-178. doi:10.21121/eab.793411
Chicago Bilik, Mustafa, and Recep Kök. “A Comparative Study on Consumption Functions: The Case of the European Union*”. Ege Academic Review 20, no. 3 (July 2020): 167-78. https://doi.org/10.21121/eab.793411.
EndNote Bilik M, Kök R (July 1, 2020) A Comparative Study on Consumption Functions: The Case of the European Union*. Ege Academic Review 20 3 167–178.
IEEE M. Bilik and R. Kök, “A Comparative Study on Consumption Functions: The Case of the European Union*”, ear, vol. 20, no. 3, pp. 167–178, 2020, doi: 10.21121/eab.793411.
ISNAD Bilik, Mustafa - Kök, Recep. “A Comparative Study on Consumption Functions: The Case of the European Union*”. Ege Academic Review 20/3 (July 2020), 167-178. https://doi.org/10.21121/eab.793411.
JAMA Bilik M, Kök R. A Comparative Study on Consumption Functions: The Case of the European Union*. ear. 2020;20:167–178.
MLA Bilik, Mustafa and Recep Kök. “A Comparative Study on Consumption Functions: The Case of the European Union*”. Ege Academic Review, vol. 20, no. 3, 2020, pp. 167-78, doi:10.21121/eab.793411.
Vancouver Bilik M, Kök R. A Comparative Study on Consumption Functions: The Case of the European Union*. ear. 2020;20(3):167-78.